0:00

There's been a lot of predictions

0:02

on this show. We've stretched out into a lot

0:04

of different places, but let's talk about

0:06

banking today because it's on everyone's

0:08

mind. If you've watched the news or

0:11

turned it on at all, this is

0:13

what we're all worrying about.

0:14

The Federal Reserve is expected to announce another round

0:16

of interest rate hikes tomorrow. This comes amid growing

0:19

calls for accountability after several banks collapsed

0:21

earlier this month.

0:22

What we saw over a week ago now was

0:25

the Treasury, the Fed, and

0:28

the FDIC stepping in to guarantee guarantee

0:30

depositors of Silicon Valley Bank

0:32

which had failed.

0:33

On Friday, the

0:35

government regulator in charge, the FDIC,

0:38

took control of Silicon Valley Bank's assets.

0:41

And over the weekend, it took control

0:43

of signature bank's assets.

0:44

But analysts caution we are not

0:47

out of the woods yet, and that is because of San

0:49

Francisco-based regional bank First

0:51

Republic, which is now in focus. Its stock plunged

0:53

more than 47 percent yesterday. S&P

0:57

Global downgraded the company at a junk status.

0:59

The nation's biggest banks made a dramatic

1:02

move today to rescue a smaller bank

1:04

and head off a potential crisis. Eleven

1:06

of the top financial institutions, including

1:09

Bank of America, JPMorgan Chase, and

1:11

Citibank will pump $30

1:13

billion into

1:14

First Republic Bank to keep it from collapsing.

1:17

We wanted to make sure that the

1:19

problems at Silicon Valley Bank

1:22

and Signature Bank didn't undermine

1:24

confidence in

1:27

the soundness of banks around

1:29

the country. It's a great idea

1:31

in theory, but the devil is truly

1:34

in the details and that's going to be the

1:36

devil here. Who's going to pay the price?

1:39

I'm going to be honest with you. I'm very

1:42

well read when it comes to vaccines and issues

1:44

like this, but when I was driving the car today

1:46

with my son, Ever, my daughter, they

1:49

in the car, we were heading to school and they were talking

1:51

about this issue on the radio

1:54

and I turned to my son and said, you know, ever,

1:57

this is something that I do not fully understand.

1:59

whole economy thing. We were not well

2:01

trained in school unless you took specific

2:04

classes. So today I'm

2:06

going to bring on somebody that really does

2:08

know what's happening here was a part

2:11

of it because she was formerly the

2:13

assistant HUD secretary under George

2:16

Bush. I'm talking about Catherine

2:18

Austin Fitz. It's my honor and pleasure to be joined

2:21

now. Catherine. Hi, Del.

2:24

Interesting times.

2:25

They are interesting times.

2:28

And what's really scary

2:30

about it in a way is it feels

2:33

like, and what I want to talk to you about, you've predicted

2:35

a lot of this. You've been on our show and others

2:38

really warning us that the financial

2:41

systems of the world were not strong,

2:43

that we were going to have issues. But is

2:46

this, you know, this sort of started,

2:49

it really came to light with this Silicon

2:51

Valley bank. What happened

2:54

exactly? What is this, you know,

2:56

what happened there and is it triggering something

2:58

bigger or is it just revealing what's really taking

3:01

place?

3:01

So there's things we know and they're things we don't

3:04

know What we know is you had

3:06

a group of short sellers who could make money on

3:08

driving the stock down and the

3:10

stock was Susceptible to short selling

3:12

because they had a very high percentage

3:15

of uninsured deposits So if

3:17

you look at the average deposits insured

3:19

deposits the banks have

3:21

Silicon Valley was very very low

3:23

So they had low insured

3:26

deposits. They had a loan portfolio

3:29

that had been bubbled by the pump

3:31

during the pandemic that the Fed did. So

3:34

the Fed bubbles the economy. They

3:36

do a whole bunch of loans that go into things

3:38

like life sciences, biotech, tech,

3:40

you know, building the smart grid things that you've talked

3:43

about on the high wire. And so you,

3:45

but the last thing is the regulators have encouraged

3:48

the banks to put their investment portfolios

3:50

long

3:51

and of course with rising interest rates

3:53

the investment portfolios go down. if you get

3:55

a run on deposits. Remember,

3:58

a run can start for financial reasons. by can

4:00

also start dell for political reasons

4:02

and part of what we're looking at here as a political

4:05

war not just finance and so

4:07

so you get a run going a have to sell

4:10

you know treasury bonds or or bills

4:12

or fannies or friday's from your investment portfolio

4:14

because the portfolios down because interest rates

4:16

been going up you take a loss that

4:18

makes people skittish we saw

4:21

the rating agencies get skittish mooney

4:23

was was in it and they were

4:25

anticipating that moody's my drop their ratings

4:27

and then so people start worrying about the loan

4:30

portfolio because every bank in the world

4:32

is is god deposits

4:35

that are highly potentially liquid

4:37

especially if you have somebody moving

4:39

a lot out fast but you're putting

4:41

it in investment portfolios that are liquid

4:44

but they can be down in price at any given time

4:46

and putting him in the loan portfolio is that are illiquid

4:49

so

4:49

that's why you don't want to how you can have

4:51

a highly solve an excellent bank

4:54

but it can be septum susceptible serines

4:56

now what you had was a slowing down

4:58

ip yo you know sort of

5:00

tech bubble

5:02

you had the long portfolios

5:04

and i would tell you i think you

5:06

know what we saw on sep is very

5:08

much encouraged by

5:11

the bubbles that the fed has flown

5:13

and what's called the going direct reset going

5:15

direct reset was a plan that the central

5:17

bankers agree to in the beginning

5:19

in august of two thousand and nineteen and

5:22

the pandemic and all the lockdowns was

5:24

clearly a part of that plan and

5:26

so what we're looking at is is an effort

5:28

to consolidate control in

5:30

law i'm in

5:32

the economy first you take out the

5:34

small business then you take out the small banks

5:37

so you know but there's definitely

5:40

an effort to consolidate it's financial

5:42

warfare and i will tell you you

5:44

can understand the still because you understand

5:46

politics and what we're watching

5:48

is much more politics and using

5:50

the federal credit and our money to pick winners

5:52

and losers that has nothing to do with

5:54

creating productivity in the in the fundamental

5:57

economy you know i have

5:58

no i have other cool from Janet

6:01

Yellen, let's take a look at this, because I think it's part of what you're talking

6:03

about now. Let's take a look at this. Will the deposits

6:06

in every community bank in Oklahoma,

6:09

regardless of their size, be fully

6:11

insured now? Are they fully recovered?

6:14

Every bank, every community bank in Oklahoma,

6:16

regardless of the size of the deposit, will

6:19

they get the same treatment that SVP

6:22

just got or Signature

6:24

Bank just got?

6:26

Bank only gets that treatment

6:29

if a majority of the FDIC

6:32

board, a supermajority,

6:34

a supermajority of the Fed

6:36

board and I in consultation

6:40

with the president determine

6:42

that the failure to

6:45

protect uninsured depositors

6:48

would create systemic risk

6:50

and significant economic and

6:53

financial consequences. I

6:55

mean, this is what you're saying, right? A lot of people are concerned

6:58

that this is the government picking and choosing

7:00

who survives and who does not.

7:03

Right. Well, not just who survives and

7:05

not, but if we look at the rumors of who

7:07

started the run,

7:09

we're talking about the people who own

7:11

and control the New York Fed triggering

7:14

runs that advantage their deposit

7:16

base and help them consolidate. So we

7:20

know, Dell, that for many decades

7:22

we've dealt with increasing lawlessness

7:25

by the New York Fed and the government. We

7:28

are in significant violations of

7:30

the federal financial management laws on both the

7:32

New York Fed side and the U.S.

7:34

government treasury. And so now

7:37

we see Langford in the Senate

7:39

rightly nailing Yellen, who's

7:41

not only been, who's not only Secretary of

7:43

Treasury, she has been the chairman of the Fed and

7:45

she has been the president of the San Francisco

7:48

Fed

7:49

that was, remember the CEO

7:51

of SVP was on the board of the San Francisco

7:54

Fed and found himself dumped

7:55

off the board on the day they took SVP

7:57

down. So this...

8:00

The chickens are coming home to roost. When you

8:02

engage in a financial coup run by

8:05

the Treasury Department and the New York Fed for 20 or 30

8:07

years, then you're going to get these kinds

8:09

of consolidations. And it's exactly what

8:12

we saw during the pandemic.

8:14

You saw

8:15

large companies being

8:17

advantaged by the government to steal market

8:19

share and assets from

8:21

the smaller businesses. And we're seeing the same

8:23

thing today. And the problem with Adele

8:25

at the root is you're helping the unproductive

8:29

cannibalize the productive. And

8:31

that's what Senator Langford was so upset

8:33

about, and he's dead on right and he nailed her. Good

8:35

job. Wow. Now, there's

8:38

some video coming out of France. I want to take

8:40

a look at this and see if it's connected at all. This is

8:42

a lot of the riots that are taking place

8:44

over a change in the pension plans

8:47

there. Let's take a look at this footage.

9:47

I

9:58

mean not a lot of coverage here in America.

10:00

but it appears that once again Paris

10:02

is burning. And my understanding is

10:04

that this is about just increasing

10:07

the age of retirement or

10:09

access to pensions by two years. It

10:11

seems like a pretty strong reaction

10:14

to something like that. Is that what this is all about?

10:16

And how important is this pension

10:19

issue in sort of the debt crisis that

10:21

we're looking at here in America and around the world?

10:24

It's a very important issue because since

10:26

the mid 90s, both

10:28

in Europe and the United States. People

10:32

have been made retirement promises, but

10:34

the finances have been managed in a way where

10:36

they were purposely knowing.

10:40

They were setting the situation up so those promises

10:42

could never be taken care

10:43

of. So in the United States,

10:45

we see $21 trillion disappearing

10:47

from the US government. It's basically a

10:49

financial coup.

10:51

Similar things have happened in Europe, and

10:53

including kicking the can. So when somebody goes

10:55

to work and says, I'll take a reduced

10:57

payment in exchange for a good pension fund where

11:00

I can retire at an early age.

11:02

They did the work, now you're switching

11:05

the rules. And you're switching, you're extending

11:08

the retirement age

11:10

at the very

11:12

time, Del, that the government is

11:14

instituting healthcare policies which are

11:16

lowering life expectancy. So

11:19

what you're doing is you're balancing the

11:21

books on the retirement plan by changing

11:23

the rules and lowering the average

11:27

life that the beneficiaries are going to get. Now,

11:30

what the French would say is we

11:34

have one of the lowest retirement ages

11:36

in Europe, and that's true, and

11:38

lower than the United States. But the reality

11:41

is they got all those people to work based on that promise.

11:43

So you're switching the deal

11:45

after the work is done. The other

11:47

thing, which is part of what brought people out in

11:49

the streets,

11:51

you know, Macron

11:53

passed that without going to the General Assembly

11:55

and getting their agreement. And

11:58

he played some clever tricks. and what

12:00

this is is taxation without representation.

12:03

So you're destroying any kind of democratic

12:05

process

12:07

in the process of doing this. Is

12:10

France alone in these efforts? I mean, when

12:12

we look at these pensions, do you think

12:14

we're going to see similar actions by

12:17

other European countries or even

12:19

here in America? Do we have a similar

12:21

issue with our pensions?

12:24

So you're going to see similar actions. We've

12:26

seen the same action in Russia. You've

12:30

seen it in France. Again, France has one of the

12:32

lowest retirement ages, so they're more likely.

12:35

But again, I would

12:37

focus on it's not just raising the retirement

12:39

rate, it's lowering life expectancy.

12:42

And you watch the pandemic,

12:45

tremendous lowering of life

12:47

expectancy in many different places. And

12:49

that's part of balancing

12:52

the books. There are two ways you can balance the books. You

12:54

can save more, or you can raise the retirement

12:57

age, and you can lower life expectancy.

13:00

That's

13:00

the formula. Wow. When

13:04

you look at these bailouts

13:06

and we look at what's happening in

13:08

the world, where are we at financially? Should

13:10

we be alarmed at what

13:13

we're seeing? Is it revealing something? Or is this all,

13:15

in your mind, just a part of a

13:17

process? It looks scary, but we're going to get

13:20

through it.

13:21

So we're in a political

13:23

process where the people who run the financial system

13:26

have engineered a financial coup. We should

13:28

have gotten concerned 20 or 30 years ago, but

13:31

we've been kicking the can. And

13:33

now their way of dealing with

13:35

letting us down, sort of managing

13:38

our expectations, is to cancel

13:40

currency and go to a financial system with

13:42

complete control. So

13:45

they want to be able to control. They want to

13:47

be able to turn your money off and on, which they

13:49

can do in an all-digital system. And

13:52

what we're now seeing at the state level is

13:54

real pushback by consumers,

13:56

by citizens, by state legislators

13:58

saying we don't want want to be controlled

14:01

by an all-digital system. There's a

14:03

huge push to continue

14:05

to make sure to preserve cash, not

14:08

just in the United States, but in Europe. Because

14:10

an all-digital system gives,

14:13

ultimately, the people who control those central

14:15

banks and the banking system an

14:18

ability to literally turn on and off

14:20

your money if you don't do exactly what they say.

14:23

And exactly what you say includes taxation

14:25

without representation, health care

14:27

mandates, literally taking away

14:29

your

14:29

kids. You're talking of course

14:32

about I think about CBDC's the central

14:34

banking digital currency concept that's

14:36

starting to really float around. Something

14:38

that you warned about some time ago, talking about

14:40

Bitcoin, that they were watching this, they may have even

14:42

designed it to test the markets and see if they

14:44

could get us used to the idea. Do you

14:47

still see you know those original

14:50

cryptocurrencies as test

14:53

grounds or are they places

14:55

people should be,

14:57

you know, protecting the rest of them.

14:59

So I believe Bitcoin and crypto were encouraged

15:02

to prototype CBDCs. The

15:04

danger of any digital system, Dell,

15:07

is it can be centrally controlled. So you

15:10

know, so Bitcoin ultimately on the in

15:12

and out, the liquidity can be destroyed or

15:14

hampered in a way that's going to affect your price. So

15:17

what you want to do, I love digital system,

15:19

but you want to have a balance of digital,

15:22

digital systems but healthy analog

15:24

systems. And the reason we focused on Solari

15:27

at cash every day and making sure that

15:29

that cash can happen is

15:32

so you have transaction freedom.

15:34

Our goal is financial transaction freedom

15:36

and a healthy,

15:38

healthy financial system has both healthy

15:40

digital and healthy analog. The

15:42

challenge for all of us is how are we going to absolutely

15:45

prevent the

15:46

central bankers from

15:48

instituting complete financial controls,

15:51

whether they do it through their payment systems,

15:54

whether they do it through CBDCs, they

15:56

have other methods if they ensure all

15:58

the banking deposits. the country, it's

16:01

only but a few steps until they have complete

16:03

central control. So this

16:06

is what needs to be prevented and

16:08

it's going to take the citizens and the state legislatures

16:11

to help us do it. If you go to Saliri,

16:13

I have an article called, I want to stop CBDCs,

16:16

what can I do? And it's a

16:18

list of great items that everybody can

16:20

do. It's the top link

16:22

in the slide you just put up. I have a great

16:24

one on how to find a great local bank.

16:27

There are wonderful local banks

16:30

and credit unions which are well-governed,

16:32

well-managed. They have a high percentage

16:35

of insured deposits. They have a strong investment

16:38

portfolio. They have a good sound

16:40

basic loan portfolio. You

16:43

can find a well-governed

16:45

bank in this environment.

16:46

You know, after the last time you came on,

16:49

so many people called in, but I went and my wife

16:51

and I, we worked to move all of our accounts into a smaller

16:53

bank here in Texas. We've been

16:55

very happy with that move.

16:58

When I try to think about this, as

17:00

I said, I'm not, you know, I think with a lot of people,

17:03

we just, it just seems so overwhelming.

17:05

But is the issue, is our governments controlling

17:08

banks or is this really that the banks are controlling

17:10

the government? Are they really, do they, are they holding

17:12

our governments hostage somehow

17:15

to get what they want? Or when you say it's

17:17

political, are these, you know,

17:20

are our leaders, you know,

17:22

working with them happily to

17:24

move in this sort of centralized control system?

17:27

That's an excellent question.

17:29

And if you look at the way our system was set

17:31

up, both in Europe and the United States, we

17:34

had the people represented by the

17:36

Congress and the bankers represented

17:39

by the central banks. So the Treasury

17:42

basically was overseen by

17:44

Congress and the New York Fed

17:46

and the Fed

17:47

essentially run by the own own

17:50

the the Fed system is 12 banks owned

17:52

by their members so private so

17:54

you had this balance of power between the bankers

17:57

and and the people's representatives. and

17:59

what is happening.

18:00

in a variety of ways, but particularly

18:02

starting in the 90s with the financial coup, the

18:05

bankers decided to lever up the governments,

18:07

put them in a debt trap, and basically take

18:09

over. And what you are now watching

18:11

is a move by the bankers into

18:14

run and control, run

18:16

and control basically the

18:19

governments. Now,

18:20

for hundreds of years, we've had something

18:22

called the central banking warfare model. And so

18:24

the power equation is you have people

18:26

who can print money out of thin air on

18:29

one side, and you have on

18:31

the other side, you have the people

18:33

who have the biggest guns. So we

18:35

still have the central banks who print money and we still

18:37

have the military and that's the power equation. But

18:40

there is no doubt if you look at sort

18:42

of the squeeze and the debt trap, that now

18:44

what's happening is they're moving forward to

18:47

basically squeeze out the people. So

18:49

you've stolen all the money and now you're

18:51

gonna squeeze out the people and change

18:53

the deal and the advantage

18:55

of getting central digital control you can

18:57

put everybody in a digital concentration camp

19:00

and they have to do what they say. So the way you're

19:02

going to inform them that you've shifted

19:04

all the money and you're changing the rules is

19:07

with complete transaction control

19:09

and they can't do anything.

19:11

If you were Janet Yellen,

19:13

and I find that we tend

19:15

to judge politicians and the issues that are

19:17

going on in officials

19:19

from our armchair quarterback

19:22

position, but these are very scary things. concerns

19:25

that you could start seeing this run on banks, collapsing

19:28

of a banking system, no one in America wants

19:30

this. Do you think, if you were in

19:32

that position, did this bank need to be

19:34

bailed out starting with the SBB, P-Bank,

19:37

the Silicon Valley? Is that how you would have handled this?

19:41

So I don't know because there's

19:43

clearly a food fight

19:45

going on over the documents and in the portfolio.

19:48

So I would want to know what's in that portfolio.

19:50

funny business was going on in that portfolio

19:52

in the deposits before I answer

19:55

that question. I have a lot of unanswered questions

19:57

about what was the relationship.

20:00

between what was happening in the Ukraine and the

20:02

money coming back through FTX and

20:04

what was going on in the pandemic and what were

20:06

some of the life sciences and biotech and that and

20:09

smart grid stuff in that portfolio. So, you

20:11

know, that's a whole nother show. But so

20:14

I don't know how they handled it. I think what Chairman

20:16

Powell was trying to do is put a corral around

20:19

the US banking system that was trading way down

20:21

against the European and Asian financial systems.

20:25

And by doing what he did with the

20:27

investment portfolios, insured deposits make

20:29

sure that our status

20:31

internationally was, and the U.S.

20:33

banking system in that case was protected. His

20:36

eye is on protecting the dollar as reserve currency,

20:39

which means if he takes those moves,

20:41

it gives him the flexibility to keep raising

20:44

interest rates, and that's what we saw him do. We

20:46

saw him bump another 25 basis

20:47

points this week. So I think

20:49

he's playing an international game.

20:52

And unfortunately, Yellen,

20:55

the problem is the reality and the official

20:57

reality, as you know, Del, have become so

20:59

far apart that no

21:02

public official like Yellen can come up with a

21:04

rational story that explains what's

21:05

really going on. So yeah,

21:08

I mean, I was surprised

21:11

at how poor her answer was.

21:14

Here's the thing, when you

21:16

are in a system which

21:19

has extraordinary

21:21

unfairness, make no mistake

21:23

about it, they have created at the top a

21:25

banking system which is above

21:27

the law and is not subject

21:30

to the laws. The BIS has

21:32

sovereign immunity and is now extending

21:34

through the systemically important banks, sovereign

21:36

immunity or the equivalent to these

21:39

banks. They are above the law, and

21:41

you have an economy that is deeply

21:43

financially dependent

21:45

on organized crime flows. Now,

21:48

I don't know if you remember my Red Button

21:50

story, but I explained in about three minutes why

21:53

most Americans have supported

21:56

living in an economy that is full of

21:58

organized crime a dirty money. and war and

22:00

everything else. The reality

22:03

is as a society we have to come clean

22:05

because you can't grow the corruption anymore without

22:07

destroying the productive. The thing to

22:10

fear is not fear what's happening with the

22:12

banks right now. The thing to fear is two things.

22:15

We have a

22:16

society that is now destroying

22:18

wealth rather than building it and it's

22:21

destroying productivity. That's

22:22

number one. And in

22:25

the process it's centralizing control

22:28

and it's moving to complete

22:30

an utter tyranny.

22:32

And you know, and this is the most

22:35

important thing, no one can build

22:37

a healthy economy without building healthy

22:39

children. And that comes back to what

22:41

you and children's health defense and

22:44

all the people who have been in the

22:46

leadership position on the pandemic know. We

22:48

cannot have a future if we

22:51

poison our children and put them in debt.

22:53

There's no future.

22:55

So this comes down to things your grandmother

22:58

understood. Are we gonna have a productive

23:00

economy or are we gonna have an oligarchy

23:03

run by the central banks and all of us are

23:05

in digital prisons? And I have

23:07

to tell you, do not fear what

23:09

these guys can do for you, because

23:12

if we refuse to comply now

23:14

and we fight for financial transaction freedom

23:16

now, we work with our state legislators

23:19

to

23:19

fight for financial transaction freedom, whatever

23:22

happens, it's better than what's gonna happen

23:24

if we go along.

23:26

I couldn't agree more. Catherine

23:29

Austin-Fist, the Solari Report. You

23:32

know, obviously you're big on using

23:34

cash wherever we can, get into small

23:37

banks. Is there any other words

23:39

of advice for those of us that feel

23:41

like this thing is bigger? But as you and I

23:44

both know, we've watched Great Awakening

23:46

taking place. People are realizing we have the power.

23:48

We are starting to stand up for things. So,

23:51

you know, where's the hope in the future here?

23:53

So the hope is, here's the little secret

23:55

sauce in the whole game, you know, you

23:57

You destroy wealth when you centralize the

23:59

economy. me but the opportunity

24:02

if we can come up with a bottom

24:04

up building wealth economy there's

24:07

tremendous new technology makes it possible

24:09

dell to build tremendous tremendous

24:12

well if you look at all the things we've been

24:14

doing a shrink wealth tyranny is unbelievably

24:16

expensive if

24:18

we can move back to freedom the

24:20

wealth potential was absolutely incredible

24:22

there's only one other thing i want to tell you about

24:25

your

24:25

any yeah i need

24:27

a number from you and that is we just

24:29

finished having our orange hatch may

24:31

that say make cash great

24:34

again because i want to send caps

24:36

down to you and your staff so

24:38

i've had great axiom great staff i

24:40

just want to know how many hats do

24:42

i send him where do i send them all

24:44

right with you thousand hats the

24:48

ah i

24:50

played expanding i looked

24:52

like a more with the you have decided oh what

24:54

a giveaway to are not yet it is your hobby

24:56

we are here now we know understand

24:59

how

24:59

me just tell me just tell me how many

25:01

folks are your t one had to me below

25:03

into relied on has now we would love

25:05

about fifty as a perfect okay

25:07

or okay you got a little austin

25:09

bids we love you thank you for being out

25:12

there that you've were the reasoning

25:14

and the hope and joy in the beauty

25:17

ah and by the way i was just say you have

25:19

like we skype in so many people

25:21

i know who helps you with that shop you have

25:23

one of the best lucky shots of everyone can

25:26

you talk to every what about as to say here's

25:28

how you get it comes to lucky shot in the high wire wow

25:32

you know something i have i'm in

25:34

the netherlands and my dutch partners run

25:36

the studio and all the audio video and

25:38

they're fantastic

25:39

they are so i can

25:40

tell you is still larry europa

25:42

am an animal and a day or

25:45

i take care we we looked at we look forward

25:47

to the future you keep us abreast of revenues

25:49

taking place is really begging dell thank

25:51

you for everything that i arrived

25:53

by